Markets

Oil tanks 6% on surging COVID-19 cases and inventory build-ups

Oil futures tanked on Wednesday as escalating coronavirus fears and surging US stockpiles drove new uncertainty around the commodity market’s recovery. West Texas Intermediate crude sank as much as 6.4%, to $US37.04 per barrel. Brent crude, oil’s international standard, tumbled 5.8%, to $US38.83 per barrel, at intraday lows. A global […]
Oil tanks 6% on surging COVID-19 cases and inventory build-ups